Top 10 Best Personal Loan Finance Banks in India

India is one of the biggest financial market of the world. As far as the purchase capita and business initiatives are concerned, India is ranked among the tops in the world as well. Personal Loan is an indication that people like to invest money and they have the capability to repay. There are many financial banks in India that come forward for the same.

Here are the Top 10 financial banks for Personal Loan in India:

10. Punjab National Bank

Punjab National Bank or PNB is one of the major banks in India and sanction the personal loan within 24 hours. One has to earn up to 15000 per month to be eligible for the Personal Loan of PNB. The interest rate of the Bank is 10.25%+5% and includes an upfront fee of 1.80% and service tax. This is one of the banks where people tend to go for the Personal Loans.

9. Canara Bank

Canara Bank is a Nationalized Bank in India and it offers wide range or services including Personal Loan. One must haveminimum salary of 150000 annually to be eligible for the loan however. The documentation is pretty easy for the bank and one needs identity proof, address proof, DOB proof and financial documents to apply. The repayment facilities are flexible and it can be done in 36 monthly installments. The Canara Bank interest rates are between 10.5%-15%for Personal Loan. The processing charges is 0.5% of the Loan Amount in the Bank.

8. IDBI Bank

IDBI is one of the major private banks in India that offers attractive Personal Loans. It is applicable for the Salaried Individuals and Self Employed Professionals. However, the eligibility criteria of the Personal Loan in the minimum salary of 180000 annually and age criteria is between 22-58 years in order to successfully apply for the loan. The repayment options are very flexible and starts with a minimum 12 months instalment. The interest rate for the Salaried customers maintaining salary accounts is 13.75% (BR + 3.50%).

7. Kotak Mahindra

This is one of the attractive financial banks for the personal loan. The personal loan range of the bank can be from 50000 to 15 lakh rupees. The Age criteria is 21-58 years for successful applicants and they have to earn an income of 25000 per month as per the bank policy. The documents required for the personal loan are address proof, identity proof, age proof and signature proof. The repayment can be done 12-60 months with an interest rate varying from15% to 24%. The processing fee of the bank is up to 3% of Loan amount.

6. Axis Bank

This is one of the best banks for the personal loans. The loan amount can vary from 1 lakh to 15 lakhs and can be repaid with installments within 12 to 60 months. The eligibility criteria of the Personal Loan is at least 21 years of ageto 58 years with salary of 15000 per month. The interest rate varies from 15.50% to 24%.

5. Standard Chartered

This is a Private Bank that offers wide range of facilities including Personal Loan. You can easily get loans up to 30 lakhs. The range of interest rate for Standard Chartered varies within 16% – 22%. The processing fee is around 3% of loan amount.

4. ING Vysya

ING Vysya now a part of Kotak Mahindra offers personal loan for the age criteria between 25 to 60 years. The documents required for the loan are identity proof, bank statement, address proof and salary certificate. However, one must work for minimum of 3 years and should earn 3.6lakhs annually to be eligible. One can take loan up to 15 lakhs and there is no collateral security needed.

2. HDFC Bank

This is one of the largest banks in India and one can take loanup to 15lakhs without any guarantor or collateral security. The loan repayment options vary from 12 to 48 months. The loan gets disbursed within 2 days after documentation. The interest rate vary from 15.75% to 20%. No pre payment is applicable before 12 months of instalments as per the bank policy.

1. ICICI Bank

ICICI Bank is one of the biggest in India and it offers Personal Loan without guarantor or security. The bank offers attractive13.49% interest on personal loans for both salaried and self-employed people. The repayment options can be chosen from 1 2 to 60 months. The loan amount is disbursed within 72 hours after documentation. The loan amount varies with respect to profession and income.

These are the Top financial banks for personal loan in India and they are very popular.